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This is the second part of a two-part feature on the commercial auto markets that was produced by actuaries with Milliman. Part one can be found here. The TPLF Impact on the Bottom Line According to Bloomberg, as of 2022, the TPLF industry is estimated to be worth approximately $39 billion worldwide.
Commercial auto is currently a troubled segment of the property and casualty insurance market. Insurance companies have struggled to make a profit in recent years, and they continue to find it difficult to control skyrocketing claim costs. Poor underwriting results from 2014 to 2019 have led to significant rate increases. However, many industry experts are asking if the large rate increases since 2018 are sufficient to keep up with the explosion in claim costs.
When professional services firms are sued by clients, the likelihood of an insurance claim increases when the client suffers a significant loss. Now's the time to get a grip on the claims landscape and prepare risk management tools to assess and address exposures. When professional services firms (PSFs) are sued by clients, the likelihood of an insurance claim increases when the client suffers a significant loss.
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